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CBRE GROUP, INC. 8-K Report, Material Agreement (Mar 14, 2013)

Reports
Material Agreements·Exhibits & Filings
Filing Date
Filed March 14, 2013
Period End
March 11, 2013
Security
CBRE
In the record · 2016–202610-K1110-Q328-K149

CBRE filed 11 annual reports (10-K), 32 quarterly reports (10-Q) and 149 current reports (8-K) between 2016 and 2026.

  1. Material agreement8-K · Mar ’17Mar ’17
  2. Leadership change8-K · Apr ’19Apr ’19
  3. Material agreement8-K · Jul ’21Jul ’21
  4. Leadership change8-K · Aug ’25Aug ’25

01—Abstract

Summary

Summary of the 8-K filed March 14, 2013. Cited figures are marked; the original filing is the authoritative source.

CBRE Group, Inc. (CBRE) filed an 8-K on March 14, 2013, to report on a material definitive agreement.

Specifically, on March 11, 2013, the company, through its subsidiary CBRE Services, Inc., entered into an underwriting agreement for the issuance of $800 milliona in aggregate principal amount of 5.00% senior unsecured notes due 2023. The offering was made under the company's existing registration statement and a related prospectus supplement. The primary purpose of this debt issuance is to raise capital to repay a portion of outstanding indebtedness under CBRE's senior secured credit facilities.

This move indicates a strategic refinancing effort, potentially aimed at optimizing the company's capital structure, reducing borrowing costs, or extending debt maturities. Investors should note the details regarding the notes' maturity, interest rate, redemption provisions, and covenants, as these impact the company's financial obligations and flexibility.

02—Key points

Key Highlights

  1. CBRE Group, Inc. issued $800 million in aggregate principal amount of 5.00% senior unsecured notes due 2023.
  2. The notes are issued by CBRE Services, Inc., a wholly-owned subsidiary.
  3. The primary use of proceeds is to repay a portion of outstanding indebtedness under the company's senior secured credit facilities.
  4. The offering was conducted under the company's Form S-3 Registration Statement.
  5. The notes mature on March 15, 2023, and bear semi-annual interest payments.
  6. The Indenture includes covenants that restrict certain liens, sale/leaseback transactions, and mergers/consolidations.
  7. A change of control event requires the company to offer to purchase the notes at 101% of the principal amount.

03—Questions

Frequently Asked Questions

  1. What is the main purpose of this $800 million debt issuance?

    The main purpose is to repay a portion of CBRE's existing indebtedness under its senior secured credit facilities. This suggests a refinancing strategy to manage the company's debt obligations.

  2. What are the key terms of the new 5.00% senior unsecured notes?

    The notes mature on March 15, 2023, bear a 5.00% annual interest rate paid semi-annually, and have specific redemption provisions, including a change of control offer to purchase at 101% of the principal amount.

  3. How will these new notes rank in the company's capital structure?

    The notes are senior unsecured obligations of CBRE Services, Inc. They rank equal to existing and future senior indebtedness of the subsidiary and senior to any subordinated debt. However, they are effectively subordinated to all secured debt of Services to the extent of the collateral value, and structurally subordinated to liabilities of subsidiaries that do not guarantee the notes.

  4. Are there any restrictions on CBRE's financial activities due to these notes?

    Yes, the Indenture contains covenants that limit the ability of CBRE and its subsidiaries to create certain liens, enter into sale/leaseback transactions, and engage in mergers or consolidations, subject to certain exceptions.

04—Continue

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